Kodiak Gas Services (KGS) Investor presentation summary

Fleet and growth plans

• Compression fleet totaled 4.6 million HP, with 81% large horsepower and 1,006 average HP per revenue-generating unit as of Sept. 30, 2026.

• Distributed power fleet totaled 413 MW; 382 MW was under contract, and >70% of the fleet was contracted to data centers pro forma the West Texas agreement.

• 2030 targets: ~5.3 million compression HP and ~2 GW of distributed power; targeted annual additions are ~150,000 HP and 300–500 MW, respectively.

• 2026 new compression units are >90% Permian-focused and average ~1,700 HP; planned new power units include 29 MW of reciprocating engines.

Market opportunity

• U.S. gas demand growth through 2035 is estimated at 32 Bcf/d, implying ~19 million incremental HP at ~600,000 HP per Bcf/d of compression intensity.

• Data-center demand is projected to require >60 GW of behind-the-meter power solutions by 2035; potential grid-connection waits are 5–10 years.

• Industry compression utilization was 94% in Q3 2026; estimated lead times for Caterpillar 3600 compression engines and SMT130 turbines exceeded 180 weeks in Nov. 2026.

• Texas had >30 GW of data-center projects planned over the next two years, alongside >300 proposed natural-gas-fired power projects and >5 GW of gas plants under construction.

Q3 2026 performance

• Record adjusted EBITDA was $224.493 million, versus $174.702 million in Q3 2025; adjusted net income was $71.533 million, versus $31.539 million.

• Discretionary cash flow was $158.475 million, versus $116.652 million in Q3 2025; adjusted gross margin was $259.043 million, or 64.5% of revenue.

• Compression fleet utilization ended the quarter at 98%; compression infrastructure adjusted gross margin percentage was 70%.

• Full-year 2026 guidance: adjusted EBITDA of $840–860 million and discretionary cash flow of $580–600 million; guidance midpoints were increased.